Investment in Brazil to grow on oil industry boom?
Date added: 24th June, 2011 at 10:30
(view all articles from June, 2011)
Categories: Economy, Natural Resources
More people may become interested in making an investment in Brazil in the years to come, as one expert has suggested the country's oil industry is set to see a boom.
Speaking on Wednesday (June 22nd), chief executive officer of state energy company Petrobras Jose Sergio Gabrielli said the Latin Amercian nation is likely to become the largest market in the world for services and equipment related to ultradeep water exploration, Xinhua news agency reports.
The sector will continue to perform well in the country despite expected declines in consumption in Europe, the US and Japan, he stated, adding that the geopolitics of oil are likely to change in the near future.
"In terms of growth possibilities, in the next ten years most of the discoveries will come from Brazil," Mr Gabrielli argued at a Brazil-UK energy generation panel.
He predicted that oil consumption would grow domestically as well as in Africa, China and India.
Now could be a good time to invest in Brazil's oil industry, as owner of exploration firm HRT Marcio Mello, who once worked for Petrobras, recently told International Living magazine that people ploughing their money into the sector are seeing strong returns.
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